At some point in life you’ll likely have to borrow money to pay for college, buy a home or car, renovate your home, consolidate debt or refinance existing loans at a lower interest rate.

If your parents turn you down, you’ll likely have to go to lenders such as the federal government, banks, brokerages, credit unions, credit card issuers, finance companies and peer-to-peer online loan services.

In the wake of 2008’s mortgage and credit crisis, it’s a bit tougher to borrow money at favorable rates—but it’s do-able. The trick with any loan is to qualify for the lowest possible interest rate, since the rate will determine how much you’ll have to pay each month.

A personal loan is often more attractive than charging huge sums on a credit card because most lenders will offer a lower interest rate. A personal loan also is more ideal than borrowing from your 401(k), since that type of loan must be paid back within a specific time period, or else you’ll face income taxes and an early-withdrawal penalty.

The interest rates that lenders charge will depend largely on your credit score.

In general, the higher your score, the better. Some lenders offer favorable interest rates to borrowers with scores over 680 while others use 720 as a base. Find out more about how credit scores work here. See how your score compares to others with our credit score stacker.

The interest rate you’re given also will depend on the length of your loan and whether your loan rate is fixed or variable:

• Fixed-rate loan. This type of loan locks in the rate you’ve been offered over a set number of years. A fixed loan is ideal when interest rates are rising, since you’ll be locking in a low rate and your monthly payments will remain the same.

• Variable-rate loan. The interest rate offered on a variable-rate loan tends to be lower than a fixed-rate loan of the same duration. But you’re facing more risk, since the rate moves in sync with the prime lending rate. Great news when the rate goes down, not so great when it rises.